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    Vikshita Vitthal Gujaran in OBOSWAP

    17-Jan-2023 07:40 AM


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    What Are Token Standards?

    Token standards are sets of rules and conventions for governing how a crypto token works.
    TransferFrom: allows a token to be transferred to someone else on a user’s behalf via smart contract.
    According to one of the guidelines, to be an ERC-721 token, the asset must have a tokenId that is globally unique.
    ERC-1155 is a multi-token standard that allows for the creation of different types of digital assets, including utility tokens like BNB and NFTs.
    This can mean that tokens developed using different standards may not exist on the same platform, or that they are unable to communicate or be traded with each other.
    There are several token standards in the industry today, and innovative solutions such as blockchain bridges and wrapping mechanisms can help smoothen the incompatibility issues between these tokens.

    Source - https://academy.binance.com/en/articles/what-are-token-standards?utm_source=BinanceAcademy&utm_medium=Social&utm_campaign=Article
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